Core Viewpoint - Ant Group has reduced its holdings in two A-share listed companies, Obsidian Technology and Yong'an Xing, to enhance capital efficiency and focus on investments in frontier technology and globalization, resulting in a total cash-out of over 775 million RMB [3]. Group 1: Ant Group's Actions - Ant Group has sold 8.822 million shares of Obsidian Technology, accounting for 2.21% of the total share capital, generating approximately 556 million RMB [3]. - After the reduction, Ant Group still holds 10% of Obsidian Technology, making it the second-largest shareholder [3]. - Ant Group's total investment return from these reductions has exceeded 775 million RMB [3]. Group 2: Obsidian Technology - Obsidian Technology focuses on 3D visual perception technology and has collaborated with Alipay in the NFC business sector [3]. - The company has reported a loss of 60.31 million RMB for the first three quarters of 2024, with a net loss of 102 million RMB after excluding non-recurring losses [3]. - As of March 26, Obsidian Technology's stock price was 56.68 RMB, reflecting a decrease of 1.72% [4]. Group 3: Yong'an Xing - Ant Group transferred its 6% stake in Yong'an Xing for 219 million RMB, reducing its holding from 7.86% to 1.43% [4]. - Yong'an Xing is known as the "first A-share shared bicycle stock" and is expected to report a net loss of between 55 million and 80 million RMB for 2024, with a reduction in losses compared to the previous year [5]. - As of March 26, Yong'an Xing's stock price was 18.7 RMB, down 6.22% [5].

Core Viewpoint - Ant Group has strategically reduced its holdings in two listed companies, Obsidian Technology and Yong'an Xing, achieving an excess return of 942 million yuan, indicating a shift in focus towards more advanced technology sectors such as AI and intelligent computing [1][5]. Summary by Sections Ant Group's Investment Actions - Ant Group has sold shares in Obsidian Technology and Yong'an Xing, generating a total return of 942 million yuan [1]. - The company aims to reinvest the recovered funds into cutting-edge technology areas in response to new technological trends [1]. Obsidian Technology - Founded in 2013, Obsidian Technology is a leader in the 3D vision perception sector, with applications in humanoid robots and AI vision, and has partnerships with major firms like NVIDIA and Microsoft [1]. - Ant Group initially invested 733 million yuan in Obsidian Technology in 2018 and later increased its investment to a total of 1.433 billion yuan [2]. - Following a reduction plan, Ant Group sold shares at prices ranging from 50 yuan to 72.79 yuan per share, recovering approximately 723 million yuan, which is over half of its initial investment [2]. - The current market value of Ant Group's remaining shares in Obsidian Technology is approximately 2.188 billion yuan, resulting in a floating profit of 1.382 billion yuan [2]. Yong'an Xing - Yong'an Xing, the first publicly listed bike-sharing company in China, has faced declining revenues due to the rise of dockless bike-sharing models, with revenues dropping from 873 million yuan in 2021 to 374 million yuan in the first three quarters of 2024 [3]. - Ant Group's initial investment in Yong'an Xing was 100 million yuan in 2014, with a holding ratio of about 8.33% at the time of the company's IPO in 2017 [3]. - In March 2025, Ant Group transferred 14.364 million shares to a related party at a price of 15.28 yuan per share, totaling approximately 219 million yuan, representing a 119% increase over the investment cost [4]. - The current market value of Ant Group's remaining shares in Yong'an Xing is approximately 84.946 million yuan [4]. Strategic Implications - The divestment actions reflect the cyclical nature of technology investments, with Obsidian Technology's valuation benefiting from the AI wave, while Yong'an Xing's control transfer to Hello Chuxing may pave the way for a potential reverse listing [5]. - The successful exits from these investments signify a transition for Ant Group from "scale expansion" to "technology deepening," which may influence its industry position over the next decade [5].

聚集源头工厂的 1688 因低价吸引消费者。2023 年 11 月，阿里将 1688 列为四大 "战略级创新业务" 之一，并称其将以 3 - 5 年为周期持续投入。2024 年，1688 活跃买家数同比增长 55%。截至 2025 年 2 月，1688 年度活跃买家数（AAC）超过 1 亿。 巴菲特增持 5 家日本商社股票，4 家持股比例超过 9%。 巴菲特的公司伯克希尔·哈撒韦 3 月 17 日的财务文件显示，公司已增持 5 家日本商社（三井物产、 三菱商事、住友商事、伊藤忠商事和丸红）股票，在其中四家持股比例超过 9%。公司曾说，自己 持有的日本股票总价值 "远超伯克希尔持有的美国以外任何其他国家的股票总价值"，并计划 "长 期" 持有，比例可能高达 9.9%，但需要董事会特别批准。巴菲特今年 2 月在致股东信中说到，五 大商社同意对伯克希尔 "适度放宽" 持股比例 10% 以下的限制。 松绑 "仅退款" 的平台又多一家。阿里旗下 B2B 电商平台 1688 将于 3 月下旬取消仅退款政策。 此前，买家因质量问题发起仅退款申请后，平台会介入，进行退款，无需商家同意。仅退款政策取 消后，再发生类似情况，平台 ...